Moody's Rating for CITIC Dameng

MOODY'S ANALYTICS RISK SCORE

9

Moody’s Daily Credit Risk Score is a 1-10 score of a company’s credit risk, based on an analysis of the firm’s balance sheet and inputs from the stock market. The score provides a forward-looking, one-year measure of credit risk, allowing investors to make better decisions and streamline their work ow. Updated daily, it takes into account day-to-day movements in market value compared to a company’s liability structure.

CITIC Dameng Holdings Ltd. is an investment holding company, which engages in the manganese mining, ore processing, and downstream processing operations. It operates through the following segments: Manganese Mining & Ore Processing, Manganese Downstream Processing, Non-Manganese Processing, and Others. The Manganese Mining & Ore Processing segment engages in the mining and production of manganese products, including mining, beneficiation, concentrating, grinding and the production of manganese concentrate and natural discharging manganese powder and sand. The Manganese Downstream Processing segment comprises hydrometallurgical processing and pyrometallurgical processing, and the resulting products of which include electrolytic manganese metal, electrolytic manganese dioxide, manganese sulfate, silicomanganese alloys, manganese briquette, manganese tetroxide and lithium manganese oxide. The Non-Manganese Processing segment focuses on the production and sale of non-manganese products, which include lithium cobalt oxide. The Others segment involves trading of various commodities such as manganese ore, electrolytic manganese metal, and silicomanganese alloys. The company was founded on July 18, 2005 and is headquartered in Hong Kong.